The $3.7 billion pension fund committed $50 million each to AQR Delta and AQR Style Premia Fund. The plan also has about $106 million invested in an AQR active, low-volatility emerging markets equity fund.

The pension fund also invested an additional $10 million in a commodity hedge fund managed by Brevan Howard Asset Management, bringing the total investment to $20 million. Funding is coming partially from redeeming a $6 million natural resources commodity hedge fund managed by Chilton Investment Co. Mr. Simon said the change was made to achieve better portfolio construction.

Separately, the pension fund committed $20 million to Capital Partners Private Equity Income Fund II, a lower- to middle-market buyout fund. It is the pension fund's first commitment with Capital Partners.

Also, the pension fund terminated a $125 million active domestic small-cap equity strategy managed by
Cortina Asset Management. The assets are being transitioned to a U.S. small-cap equity index fund managed by
State Street Global Advisors. Mr. Simon said the move was part of the pension fund's desire to move more into passive strategies.